Mastercard-backed AvidXchange valued at $4.6 billion in tepid Nasdaq debut

(Reuters) -AvidXchange Inc opened around 3.4% below its initial public offering (IPO) price in its Nasdaq debut on Wednesday, giving the U.S. business payments firm a market capitalization of roughly $4.62 billion.

Shares of the company, which counts Mastercard Inc among its investors, opened at $24.14, compared with the IPO price of $25 per share.

AvidXchange, which makes software that automates payments, invoicing, and accounting for small and mid-sized businesses, had raised $660 million in its upsized IPO on Tuesday by selling 26.4 million shares.

The Charlotte, North Carolina-based firm had earlier targeted an IPO price range of $21 to $23, before hiking it to $23 and $25 per share last week.

Financial technology firms that facilitate payments for businesses have been highly successful over the past year, as the COVID-19 pandemic accelerated digital transition across industries.

Goldman Sachs and J.P.Morgan were the lead underwriters for the offering.

Reporting by Sohini Podder in Bengaluru; editing by Uttaresh.V

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Largest gold producers see strong Q3/25 earnings

Gold stocks jump on gain in metal price

AOCE and WB boost gold targets for 2025 significantly

Gold and silver price ETFs see major net outflows

Gold stocks decline by less than metal price